Automotive giant Ford announced today new interim greenhouse gas (GHG) emissions reduction targets, on the path to the company’s goal to be carbon neutral by 2050. The new targets have been approved by the Science Based Targets initiative (SBTi).

John Lawler, Ford’s Chief Financial Officer, said:

“Ford has always been about building a better world, where people have the freedom to move and pursue their dreams. Success in sustainability requires a financially healthy business, and financial health depends on effectiveness in sustainability areas.”

Ford’s new commitments cover Scope 1, 2 and 3 GHG emissions. The company is aiming to reduce Scope 1 and 2 emissions from operations 76% from 2017, and Scope 3 GHGs from use of the company’s products 50% from 2019, both by 2035.

SBTi was formed as a collaboration between CDP, World Resources Institute (WRI), the World Wide Fund for Nature (WWF), and the United Nations Global Compact (UNGC), with the goal to establish science-based environmental target setting as a standard corporate practice. Achieving approval of targets by SBTi is a significant milestone for companies’ sustainability efforts.

Ford’s pathway to emissions reductions will involve significant investments in electrifying its vehicle fleet. Today’s announcement follows a major increase in the company’s commitment to vehicle electrification revealed earlier this year, with the company pledging to nearly double its investment in EVs to at least $22 billion by 2025. The company also recently announced new goals include reaching an all-electric passenger vehicle fleet in Europe by 2030, and for its entire commercial vehicle lineup in Europe to be zero emissions capable by 2024.

Bob Holycross, Vice President, Sustainability, Environment and Safety Engineering at Ford, said:

“We will lead in achieving carbon neutrality because it’s the right thing for customers, the planet and Ford. Ninety-five percent of our carbon emissions today come from our vehicles, operations and suppliers, and we’re tackling all three of those sources with urgency and optimism.”